As expected, the FOMC raised interest rates .25% today. Precious metals markets holding steady as this action was 'priced in' to market expectations. This is the third rate hike in two years.

News like this is encouraging about the state of the U.S. economy. Employment numbers have been largely hitting their targets and inflation is getting closer to the FOMC target rate of 2%. Precious metals markets have held steady around the $1,275 per ounce mark because this news was expected by the major markets and prices had already moved in anticipation of the announcement.

It is still too early to say if there will be any significant market movement from this news but it's clear that the FOMC is sticking to the schedule they set for interest rate hikes almost two years ago.

While this is seen as positive news for the U.S. economy, remember that although this is a step in the right direction, we still sit at some of the lowest interest rate levels ever seen. Precious metals will continue to see support along these level and I believe will continue to creep higher in a 'two steps forward, one step back' market for the rest of 2017.

Given the market highs of $1,900 per ounce for gold and $49 per ounce for silver back in 2011, precious metals continue to be a bargain at their current levels.

Have a great rest of the day!

-Jonathan Swyers